Tokyo stocks continued to soar Tuesday as continued hopes for economic recovery brightened sentiment.

The 225-issue Nikkei average rose 383.60 points, or 1.28%, to close at 30,467.75. On Monday, the benchmark index shot up 564.08 points to end above 30,000 for the first time in more than 30 years.

The Topix index of all first section issues ended 11.14 points, or 0.57%, higher at 1,965.08 after a 20.06-point increase the previous day.

The gains came after European stocks rose overnight. U.S. stock markets were closed Monday for the Presidents’ Day holiday.

Japanese stocks traced the movement of U.S. stock futures in off-hours trading, rising in the morning and cutting gains in late afternoon trade.

Despite a lack of new market-moving factors, sentiment was robust due to hopes for a global recovery from the coronavirus crisis, said Kazuo Kamitani, strategist at Nomura Securities Co.

“Investors who were waiting for corporate earnings reports before making their decisions began to buy as the earnings season came to a close,” Kamitani said.

Buying by U.S. investors who had taken the previous day off for Presidents’ Day was also behind the rise, according to Masayuki Otani, chief market analyst at Securities Japan Inc.

“With stocks rising so quickly, it would not be surprising if the Nikkei took a breather soon,” Otani added.

Despite the indexes’ gains, falling shares outnumbered rising ones 1,251 to 846 on the TSE first section, while 97 issues stayed unchanged. Volume swelled to 1.409 billion shares from Monday’s 1.275 billion shares.

Heavily weighted components of the Nikkei average jumped, with Fast Retailing rising 3.06% and SoftBank Group gaining 4.15%.

Shipping issues such as Mitsui O.S.K. Lines and Kawasaki Kisen were upbeat as well.

Other winners included semiconductor-related firms such as Tokyo Electron and Advantest.

On the other hand, Dentsu shed 3.55% a day after the advertising company logged a greater-than-expected operating loss for the year ending in December.

Automakers such as Toyota were downbeat as well.

In index futures trading on the Osaka Exchange, the key March contract on the Nikkei average rose 500 points to end at 30,600.

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